Executive Summary

Q4 2024 results included no revenue and a narrower quarterly loss versus recent quarters; diluted EPS of $(0.66)* modestly beat the Wall Street consensus of $(0.76), while revenue missed the $0.05M consensus with $0.00M actual (bolded in Estimates Context) *.
Cash, cash equivalents and investments ended at $185.4M, with management reiterating runway “at least through the end of 2026,” supported by the July 2024 IPO proceeds .
Strategic focus is on near-term clinical catalysts: initial autoimmune data for AlloNK (AB‑101) expected in H1 2025 and updated NHL data planned for 2025 presentations .
No Q4 earnings call transcript was found; investor messaging came via the FY 2024 press release summarizing year-end financials and pipeline progress .

What Went Well and What Went Wrong

What Went Well

Strengthened liquidity and runway: $185.4M year-end cash and investments; runway “at least through end of 2026,” following the July IPO’s $179.0M gross proceeds .
Clinical execution and near-term catalysts: “We look forward to sharing initial data from our AlloNK® program in autoimmune disease this year,” with additional updated NHL data planned for 2025 .
Organizational depth: Expanded leadership with autoimmune and cell therapy expertise across Regulatory, Clinical Operations, and Biometrics to support execution in SLE/LN, RA, and Sjögren’s disease .

Quoted management highlights:

“2024 was a transformational year for Artiva including initiating dosing of AlloNK® in patients with autoimmune disease across our trials, a successful initial public offering strengthening our balance sheet…” .
“We remain focused on generating clinical data and strengthening Artiva’s talent in autoimmune disease and cell therapy across the organization as we prepare for this next stage of growth.” .
“Artiva is at an inflection point as we advance AlloNK® in clinical development across multiple autoimmune indications and transition to a publicly traded company.” .

What Went Wrong

Revenue reset: Collaboration revenue fell to $0 in FY 2024 versus $32.9M in FY 2023, with management noting prior revenue stemmed from the Merck collaboration that was terminated in October 2023 .
Profitability deterioration: FY 2024 net loss was $(65.4)M versus FY 2023 net income of $28.7M; quarterly losses persisted around $(17–18)M in Q2 and Q3 .
Limited disclosure granularity for Q4: No standalone Q4 press release or transcript, making quarter-specific operational color more limited; communication centered on FY results and H1 2025 data timelines .

Financial Results

Quarterly P&L and Liquidity (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$0.00	$0.00	$0.00*
Net Income ($USD Millions)	$(17.84)	$(17.47)	$(16.10)*
Diluted EPS ($USD)	$(22.00)	$(0.92)	$(0.66)*
Cash, Cash Equivalents & Investments ($USD Millions)	$46.6	$199.6	$185.4

Notes:

Q2/Q3 figures from quarterly press releases; Q4 EPS/net income and revenue marked with * reflect S&P Global data due to absence of a Q4-specific press release. Values retrieved from S&P Global*.

Annual Comparison (FY)

Metric	FY 2023	FY 2024
Collaboration Revenue ($USD Millions)	$32.9	$0.0
License & Dev. Support Revenue ($USD Millions)	$0.57	$0.25
Research & Development Expense ($USD Millions)	$50.3	$50.3
General & Administrative Expense ($USD Millions)	$13.9	$17.2
Other Income, net ($USD Millions)	$2.0	$1.9
Net Income (Loss) ($USD Millions)	$28.7	$(65.4)
Cash, Cash Equivalents & Investments ($USD Millions, Year-end)	$77.0	$185.4

Segment breakdown: Not applicable; ARTV reports as a single operating entity .

KPIs: Focused on cash runway through 2026 and clinical milestones timelines .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	FY 2024/Q3 2024	“At least through end of 2026”	“At least through end of 2026”	Maintained
Initial Autoimmune Data (AlloNK)	H1 2025	“Initial data expected H1 2025”	“Initial data expected H1 2025”	Maintained
Updated NHL Data (AlloNK + rituximab)	2025	Not explicitly time-bound in Q2/Q3	“To be presented at a medical conference in 2025”	New specificity

No revenue, margin, OpEx, OI&E, or tax rate guidance provided in Q4/FY materials .

Earnings Call Themes & Trends

No Q4 earnings call transcript was available; themes reflected below derive from company press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4/FY)	Trend
Autoimmune program execution	First LN patient dosed; IIT first patient initiated; H1 2025 initial data targeted	Initial autoimmune data expected H1 2025; SLE/LN trial ongoing; IIT ongoing	Consistent timelines; execution ongoing
NHL program durability	Limited detail in Q2/Q3 releases	Updated Phase 1/2 NHL data showing continued durability to be presented in 2025	Increased visibility expected in 2025
Leadership depth	Board expansion; addition of manufacturing expertise (Alison Moore)	Added SVPs across Regulatory, Clinical Ops, Biometrics; appointed Dan Baker, M.D., to Board	Strengthened org for clinical scale-up
Financing/runway	IPO completed ($179.0M gross); runway through 2026	Year-end cash $185.4M; runway through 2026 reaffirmed	Stable liquidity posture
Collaboration revenue backdrop	2023 revenue tied to Merck collaboration (terminated Oct-2023)	FY 2024 revenue reset to $0; path forward tied to internal pipeline milestones	Transition to internally-driven value creation

Management Commentary

“2024 was a transformational year for Artiva including initiating dosing of AlloNK® in patients with autoimmune disease across our trials, a successful initial public offering strengthening our balance sheet, and expanding key leadership across the organization…” — Fred Aslan, M.D., CEO .
“We remain focused on generating clinical data and strengthening Artiva’s talent in autoimmune disease and cell therapy across the organization as we prepare for this next stage of growth.” — Fred Aslan, M.D. .
“Artiva is at an inflection point as we advance AlloNK® in clinical development across multiple autoimmune indications and transition to a publicly traded company.” — Fred Aslan, M.D. .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, no Q&A to report .

Estimates Context

Q4 2024 Actuals vs Consensus

Metric	Consensus	Actual	Delta
Primary EPS Consensus Mean ($)	$(0.76)*	$(0.66)*	+$0.10 (beat)*
Revenue Consensus Mean ($USD Millions)	$0.05*	$0.00*	−$0.05 (miss)*

Observations:

EPS modestly beat consensus driven by lower quarterly loss than modeled; revenue missed due to zero collaboration income in the period, consistent with the post-Merck reset *.

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Near-term catalysts: Initial AlloNK autoimmune data (H1 2025) and updated NHL data (2025 conference) are the primary stock drivers; monitor event timing and depth of efficacy/safety readouts .
Liquidity: Reaffirmed runway through end-2026 reduces financing overhang in the near term; year-end cash/investments of $185.4M provide flexibility for trial execution .
Model reset: With collaboration revenues at $0, valuation hinges on clinical outcomes and clarity on regulatory pathways/partnering strategy rather than near-term P&L .
Incremental earnings optics: Q4 EPS came in better than consensus, but the lack of revenue caps near-term GAAP leverage; expect estimate revisions to focus on OpEx cadence and share count rather than revenue *.
Execution risk and upside: Organizational build-out (Regulatory/Clinical Ops/Biometrics) supports trial delivery; upside if autoimmune/NHL data are strong and outpatient compatibility narrative continues .
Trading implications: Into H1 2025, expect sentiment to trade on data timing/speculation; position sizing should reflect binary readouts and limited fundamental anchors.
Medium-term thesis: If AlloNK demonstrates robust B-cell depletion and durable responses across autoimmune indications with favorable safety and outpatient feasibility, partnering optionality and pipeline credibility could re-rate the name ahead of later-stage development .